TATA-MEETING 2 LAST

Earlier in the day, the board of countrys largest Earlier in the day, the board of countrys largest software exporter TCS held its meeting and decided to have an EGM (extraordinary general meeting) of the shareholders on December 13 to consider removal of Mistry from the directorship. Th

Earlier in the day, the board of countrys largest Earlier in the day, the board of countrys largest software exporter TCS held its meeting and decided to have an EGM (extraordinary general meeting) of the shareholders on December 13 to consider removal of Mistry from the directorship. The EGM at TCS, in which the holding company has 73.26 per cent stake, will in all possibility be the first in a string of similar meetings at group companies to consider the expulsion of directors.

Other group companies, including Tata Chemicals, Indian Hotels Company (IHCL) and Tata Global Beverages, have already decided to have similar meetings, and expulsion of Bombay Dyeing chairman Nusli Wadia features among the agendas. Even though he continues to be a director, Mistry did not attend the TCS meeting which was attended by other non executive independent directors, including former SBI chairman O P Bhatt.

This was also the first board meeting under the new chairman Ishaat Hussain. He was appointed as the chairman of the company in a surprise move by Tata Sons using a provision in the companys articles of association which allows the majority shareholder to nominate chairman of the board. PTI AA MR

This is unedited, unformatted feed from the Press Trust of India wire.

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